Argentina Lithium Closes 1st Tranche of the Non-Brokered Private Placement
Argentina Lithium Closes 1st Tranche of the
Non-Brokered Private Placement
/ NOT FOR DISTRIBUTION TO
THE UNITED STATES
/
VANCOUVER, BC
,
Nov. 10, 2021
/CNW/ -
Argentina Lithium & Energy Corp.
(TSXV: LIT) (FSE:
OAY3) (OTC: PNXLF)
, ("Argentina Lithium" or the "Company")
is pleased to announce it has
closed the 1
st
Tranche of the non-brokered private placement financing announced on
November 1,
2021
through the issuance of 6,108,504 units ("
Units
") at a subscription price of
$0.45
per Unit for
aggregate gross proceeds to the Company of
$2,748,826.80
.
Each Unit consists of one common share and one transferrable common share purchase warrant (a
"
Warrant
"). Each Warrant will entitle the holder thereof to purchase one additional common share in
the capital of the Company at
$0.70
per share for three years from the date of issue, expiring on
November 10, 2024
.
The proceeds of the financing will be used for general working capital and exploration on its
properties in
Argentina
.
Finder's fees of
$80,794.22
are payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 179,543 non-transferable finder's warrants are issuable
(the "Finder's Warrants"). Each Finder's Warrant entitling a finder to purchase one common share at
a price of
$0.70
per share for three years from the date of issue, expiring on
November 10, 2024
.
Certain insiders of the Company participated in the Private Placement for
$112,500
in Units. Such
participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions ("
MI 61-101
"), but the transaction is exempt
from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither
the fair market value of the subject matter of the transaction, nor the consideration paid, exceed
25% of the Company's market capitalization.
This financing is subject to regulatory approval and all securities to be issued pursuant to the
financing are subject to a four-month hold period expiring on
March 10, 2022
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
The securities being offered have not been, nor will they be registered under the United States
Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within
the United States
or to, or for the account or benefit of, U.S. persons absent U.S. federal and state
registration or an applicable exemption from the U.S. registration requirements. This release does
not constitute an offer for sale of securities in
the United States
.
,
,
,
Google+
SOURCE
Argentina Lithium & Energy Corp.
View original content:
http://www.newswire.ca/en/releases/archive/November2021/10/c8723.html
%SEDAR: 00019719E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-
0058, Email: [email protected]
CO: Argentina Lithium & Energy Corp.
CNW 15:31e 10-NOV-21